Ukrainian Prime Minister Denis Shmyhal said today that his country has received one billion euros from the European Union (EU) under the Extraordinary Revenue Acceleration (ERA) program, which is financed from profits generated from frozen assets of the Russian central bank.
Shmyhal said on Telegram that the funds will be used to cover key budgetary needs and stabilize Ukraine in the wake of the war.
“This tranche is part of a fair and consistent approach: the aggressor must pay for the destruction it has brought to our country,” Shmyhal said, thanking the EU and G7 members for establishing a functional financial mechanism.
He added that Ukraine expects additional steps, including the full seizure of Russian assets and toughening sanctions in response to the crimes.
The EU had previously agreed to direct the proceeds, but not the principal, from frozen Russian assets to support Ukraine, setting a precedent in the field of war reparations through financial instruments.
The ERA program, led by the G7 in cooperation with the EU, provides Ukraine with financial support through loans that will be repaid with proceeds from frozen Russian assets.
